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COMPANY REGISTRATION NUMBER: 12494315
Lubavitch Kodesh Club Ltd
Unaudited Financial Statements
31 March 2023
Lubavitch Kodesh Club Ltd
Financial Statements
Year ended 31 March 2023
Contents
Page
Director's report
1
Statement of comprehensive income
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5
Lubavitch Kodesh Club Ltd
Director's Report
Year ended 31 March 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2023 .
Director
The director who served the company during the year was as follows:
Rabbi M Adler
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 20 March 2024 and signed on behalf of the board by:
Rabbi M Adler
Director
Registered office:
Lubavitch Foundation
107-115 Stamford Hill
London
N16 5RP
Lubavitch Kodesh Club Ltd
Statement of Comprehensive Income
Year ended 31 March 2023
2023
2022
Note
£
£
Turnover
833,238
968,347
Cost of sales
12,223
11,911
---------
---------
Gross profit
821,015
956,436
Administrative expenses
873,231
889,775
---------
---------
Operating (loss)/profit
( 52,216)
66,661
Interest payable and similar expenses
5
7,175
---------
---------
(Loss)/profit before taxation
( 59,391)
66,661
Tax on (loss)/profit
--------
--------
(Loss)/profit for the financial year and total comprehensive income
( 59,391)
66,661
--------
--------
All the activities of the company are from continuing operations.
Lubavitch Kodesh Club Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Current assets
Debtors
6
19,273
54,899
Cash at bank and in hand
25,888
3,201
--------
--------
45,161
58,100
Creditors: amounts falling due within one year
7
130,225
83,773
---------
--------
Net current liabilities
85,064
25,673
--------
--------
Total assets less current liabilities
( 85,064)
( 25,673)
--------
--------
Net liabilities
( 85,064)
( 25,673)
--------
--------
Capital and reserves
Called up share capital
10
10
Profit and loss account
( 85,074)
( 25,683)
--------
--------
Shareholders deficit
( 85,064)
( 25,673)
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 March 2024 , and are signed on behalf of the board by:
Rabbi M Adler
Director
Company registration number: 12494315
Lubavitch Kodesh Club Ltd
Statement of Changes in Equity
Year ended 31 March 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2021
10
( 92,344)
( 92,334)
Profit for the year
66,661
66,661
----
--------
--------
Total comprehensive income for the year
66,661
66,661
At 31 March 2022
10
( 25,683)
( 25,673)
Loss for the year
( 59,391)
( 59,391)
----
--------
--------
Total comprehensive income for the year
( 59,391)
( 59,391)
----
--------
--------
At 31 March 2023
10
( 85,074)
( 85,064)
----
--------
--------
Lubavitch Kodesh Club Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lubavitch Foundation, 107-115 Stamford Hill, London, N16 5RP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 49 (2022: 40 ).
5. Interest payable and similar expenses
2023
2022
£
£
Other interest payable and similar charges
7,175
-------
----
6. Debtors
2023
2022
£
£
Trade debtors
( 1,604)
51,939
Other debtors
20,877
2,960
--------
--------
19,273
54,899
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
8,366
6,550
Social security and other taxes
81,750
74,211
Other creditors
40,109
3,012
---------
--------
130,225
83,773
---------
--------